Breaking news: Chinese want to buy in Irvine

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http://nbr.com/2015/07/09/will-chinese-buyers-flee-or-flood-us-housing/

Turmoil in the Chinese stock market could have a quick and direct effect on U.S. housing. From newly built homes in Irvine, California, to Miami condos to Manhattan luxury towers, Chinese money has been flowing freely. The question now is, will trouble in the Chinese stock market translate into more or less cash coming into American neighborhoods?

Lennar is also part of a huge new development of single-family homes in Irvine called Great Park Neighborhoods. It?s still adding new homes and Chinese buyers have been flocking there in big numbers to take advantage of the good schools and a growing Chinese community.

?You always have to be watchful. It doesn?t necessarily mean concern,? said Lennar CEO Stuart Miller. ?You have these cross currents. It?s impossible to know how they play out without sitting back and waiting to see. With economic turmoil comes a heightened desirability to place money where it is stable and secure. While the real estate here becomes more expensive, it also becomes more desirable.?
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